Do we need to register for VAT?
If you make VATable supplies, you will need to register for VAT if your taxable turnover reaches the VAT registration threshold. The VAT registration threshold
August 30, 2023
Avoid the traps when providing eye tests for employees
Although the tax system contains an exemption for employer-provided eye tests and the glasses or contact lenses for display screen use, its availability is dependent
August 25, 2023
Making tax-free mileage payments
If you have employees who use either their own car or a company car for business mileage, you can pay mileage allowances tax-free up to
August 17, 2023
Cash basis or accruals basis?
There are two different ways in which accounts can be prepared – the cash basis and the accruals basis. The cash basis is the default
August 14, 2023
10 deductible expenses
If you let out a property, you can deduct the business expenses that you incur when working out your taxable rental profit. The rules governing
August 11, 2023
Swapping your main residence for capital gains tax purposes
Private residence relief means that you do not have to pay capital gains tax on any gain that you make when your sell your home
August 9, 2023
VAT option to tax changes
The typical situation where ‘opt to tax’ could be used is where a commercial property is purchased for renting. As a new commercial property, VAT
August 6, 2023
Tax implications where employers pay above HMRC’s approved mileage rates
If an employer pays less than these rates, the employee can claim tax relief for the unused balance. Where an employer pays less than these
August 3, 2023
HMRC has closed its phone lines – How to make contact
With four days’ notice, a trial to redirect Self Assessment (SA) queries from HMRC’s phone helpline to its digital services started on 12 June, running
August 1, 2023
Selling the garden for development
If you own a large plot of land that you no longer require but you don’t want to move home, you may consider selling some
July 22, 2023
Mobile phones – a worthwhile benefit
The tax system contains a number of exemptions, some of which are more useful than others. One of the more valuable exemptions is that for
July 16, 2023
NIC advantages of part-time workers
Employers looking to take on new staff may wish to consider employing two or more part-time workers rather than one full-time worker. This can save
July 13, 2023
Tax and tips
The Employment (Allocation of Tips) Act 2023 sets out a new legal framework for the fair allocation of tips. A new Code of Practice is
July 12, 2023
Finance & Accounting
Enquiry or discovery – What is the difference?
Most taxpayers know that they must adhere to a rigid timetable for the submission of tax returns and claims, otherwise either penalties are levied or
May 24, 2023
Finance & Accounting>Director’s Loan Accounts>Personal Expenses
Family and personal companies – Optimal salary for 2023/24
A popular profit extraction strategy is to pay a small salary and to extract further profits as dividends. Why pay a salary? There are a
April 19, 2023
Finance & Accounting
Beat the reduction in the additional rate tax threshold
For a brief period it seemed that the days were numbered for the additional rate of tax following the announcement in the ill-fated mini Budget
February 25, 2023
Finance & Accounting
The dangers of letting friends use the holiday let
Furnished holiday lettings have tax benefits that are not available to landlords of residential lets. However, to qualify as a holiday let, certain conditions must
February 17, 2023
Finance & Accounting>Finance & Accounting
Common deductible business expenses
No-one wants to pay more tax than they need to. Consequently, it is important to keep good records of business expenses so that deductible expenses
August 25, 2022
Finance & Accounting>Finance & Accounting
CGT or IHT
Sometimes there is a choice of which tax to pay and where a person owns an investment property, they may be able to exercise a
June 27, 2022
Finance & Accounting>Finance & Accounting
Should I change my accounting date?
In preparation of the introduction of MTD for income tax, which comes into effect from 6 April 2024 for unincorporated businesses and landlords with trading
June 23, 2022